[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 514 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 514

 To provide that certain amendments made by the Board of Governors of 
the Federal Reserve System to Regulation Z to prohibit certain unfair, 
  abusive, or deceptive home mortgage lending practices and restricts 
 certain other mortgage practice shall take effect as a matter of law 
           and a new effective date, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 14, 2009

 Mr. Gallegly introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 A BILL


 
 To provide that certain amendments made by the Board of Governors of 
the Federal Reserve System to Regulation Z to prohibit certain unfair, 
  abusive, or deceptive home mortgage lending practices and restricts 
 certain other mortgage practice shall take effect as a matter of law 
           and a new effective date, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This act may be cited as the ``Responsible Subprime Lending Act''.

SEC. 2. ACCELERATED EFFECTIVE DATE FOR AMENDMENTS TO REGULATION Z 
              REGARDING TRUTH IN LENDING.

    (a) In General.--Notwithstanding paragraph 1(d)(5)-1 of Supplement 
I to section 226.1 of title 12, Code of Federal Regulations, as added 
by the final rule of the Board of Governors of the Federal Reserve 
System amending Regulation Z, relating to Truth in Lending, published 
July 30, 2008 (73 Fed. Reg. 44605; Docket No. R-1305), or any other 
provision of law:
            (1) The Board's revisions to Regulation Z under such final 
        rule shall apply as a matter of law to covered loans for which 
        the creditor receives an application after the end of the 30-
        day period beginning on the date of the enactment of this Act, 
        except for the final rules on advertising, escrows, and loan 
        servicing.
            (2) The final rules on escrows in section 226.35(b)(3) of 
        title 12, Code of Federal Regulations, as amended by such final 
        rule, shall be effective for covered loans for which the 
        creditor receives an application on or after October 1, 2009, 
        but for such loans secured by manufactured housing on or after 
        April 1, 2010.
    (b) Examples.--The Board of Governors of the Federal Reserve System 
shall issue a final rule, without regard to the notice and comment 
procedures under 5 U.S.C. section 553 (or without regard to 5 U.S.C. 
section 553), as soon as possible to revise examples under clauses i., 
ii., and iii. of paragraph 1(d)(5)-1 of Supplement I referred to in 
subsection (a) of this section in accordance with the effective dates 
provided under subsection (a).
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